The Pound Australian Dollar.
Good evening Dynamic Traders,
Tonights chart is of the GBPAUD which as you can see is in a good downtrend.
Price action of late has however seen a bounce up from mid October and has been consolidating from about the end of October producing what could be a DT scenario.
GetStochastics is showing the latest false bar to the downside as would be expected and Friday produced a kind of hanging man candle formation and today has had a good down day, but is being held up by the trendline support.
You should all know how to trade this with an entry order for the short side should price continue on its southerly way as the longer and medium term trends are down whilst the short term trend has recently popped up.
The correct entry system should keep you out of trouble should price decide to turn up, but if it does this can be traded using ESLT on the consolidation break should other confluences predict.
As always please ensure to do your own analysis before taking any trades.
Charts courtesy of AdvancedGet.